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CNNfn market movers
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November 18, 1998: 3:16 p.m. ET
Creative Computer up on uBid filing, IXC slumps, Amazon.com rolls on
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NEW YORK (CNNfn) - Expectations raised by the filing of a Web-related spinoff sent one issue to the top of Wednesday's list of hot stocks.
Creative Computers (MALL) soared 9-1/16 to 27-1/2 after its Web auction site uBid filed a Securities and Exchange Commission registration to sell 1.58 million shares in an initial public offering, expected to price at between $13 and $14 per share.
Creative Computers shareholders are expected to own just over 80 percent of uBid after the offering.
Dripping lower was Starbucks (SBUX), down 2-3/8 to 42, after one industry analyst said specialty coffee suppliers will be hurt by the Central American crop losses caused by Hurricane Mitch.
National Information Group (NAIG) exploded up 6-1/2 to 18-1/8 after real estate services firm First American Financial (FAF) said it will buy the insurance information provider for $111 million in stock.
First American, whose shares fell 1-15/16 to 32-7/8, said it expects the deal to add to earnings per share in 1999.
Getting stripped was Brylane (BYL), off 3-3/8 to 11-1/8, after the clothing vendor posted third-quarter operating earnings of 5 cents per share -- far short of the consensus analyst target of 18 cents, as reported by First Call. Brylane also predicted fourth-quarter sales will be slightly below last year's levels.
IXC Communications (IIXC) sank 8-1/2, or 24 percent, to 27-1/14, after the voice and data transmission provider told analysts in a conference call that expenses could increase by 18 percent from one quarter to the next, well above an original forecast of 10 percent.
NationsBanc Montgomery Securities analyst Leslie Stonestreet said she lowered operating earnings targets on IXC to $24.5 million from $30.5 million for the fourth quarter.
IXC said it negotiated a contract with an unspecified fast-growing customer, according to Stonestreet. The company stock lost 4-1/8 on Tuesday.
Bausch & Lomb (BOL) rose 2-3/8 to 50-1/4. The contact lens maker said it has hired the investment banker Warburg Dillon Read to evaluate its strategic options concerning its eyewear business, including a possible joint venture, sale or spinoff.
Merrill Lynch upgraded the stock to an near-term "accumulate" from "neutral."
Galileo Technology (GALTF) climbed 2-5/8 to 15-1/16 after the Israeli chip maker got a Merrill upgrade to a near-term "accumulate" from "neutral."
Network Appliance (NTAP) lost 3-7/8 to 74-1/8 after the software maker reported earnings of 22 cents a share, beating the Wall Street earnings targets by 2 cents per share, and unveiling a 2-for-1 stock split.
Amazon grows more greenery
Picking up its on blockbuster story, Amazon.com (AMZN) shot up 16 to 164-1/2, in a sequel to Tuesday's 22-1/4 surge that followed its announcement it will sell electronic gadgets and toys through its Web site.
Erasing some recent gains was Go2Net (GNET), losing 5-9/16 to 32-13/16. The niche Web site provider said it named attorney Michael Riccio, who helped with its IPO, as chief operating officer.
Coming off recent IPO-related gains, the Web-based technical information provider EarthWeb (EWBX) dropped 7-1/16 to 43-15/16, and Web page designer theglobe.com (TGLO) sank 3-5/16 to 37-1/8.
K-Tel International (KTEL), whose stock may be delisted from the Nasdaq National Market, sank 1-7/8 to 10-1/8 after rallying last week.
On the IPO front, Plains All American Pipeline (PAA) traded at 19-1/4 after the crude-oil pipeline owner priced 13 million new shares at $20. Salomon Smith Barney was the lead underwriter.
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